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Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. MULIA RAYA
AGRIJAYA |
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Formerly Known As : |
P.T. SURYAMULIA ADIBUANA |
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Registered Office : |
Jalan Jembatan
Genit, Gang Semut No. 12 Kapuk Poglar, RT. 007 RW. 04 Kedaung Kali Angke Jakarta
Barat, 11710 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.06.1993 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Fresh Fruits |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6%
annually in 2010-12. The government made economic advances under the first
administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a fiscal deficit below 3%, and historically
low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to
investment grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2013 faces the ongoing challenge of improving Indonesia''s insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of high oil prices
Source
: CIA
P.T. MULIA RAYA
AGRIJAYA
Address :
Head Office
Jalan Jembatan
Genit, Gang Semut No. 12
Kapuk Poglar, RT.
007 RW. 04
Kedaung Kali
Angke
Jakarta Barat, 11710
Indonesia
Phones - (62-21) 5455835, 5455839, 5455840
Fax - (62-21) 5455464, 6198326
E-mail - spmulia@idola.net.id
Building Area - 1 storey
Office Space - 400 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
:
a. 2 June 1993 as P.T. SURYAMULIA ADIBUANA
b. 1 October 1997 as P.T. MULIA RAYA AGRIJAYA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No. C2-17474 HT.01.01.TH.1994
Dated 29 November 1994
- No. C2-4054 HT.01.04.TH.98
Dated 22 April 1998
- No. AHU-44687.AH.01.02.TH.2008
Dated 25 July 2008
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.571.995.8-038.000
The Department of
Industry and Trade
TDP No. 09.02.1.51.11673
Dated 24 October 2003
Related Companies :
a. P.T. ADIL MULIA USAHA (Trading and Distribution of Fresh Fruits)
b. P.T. ANEKAMULIA TATASEMPURNA (Trading and Distribution of Soft Drink)
c. P.T. INDOMARU LESTARI (Trading and Distribution of Food Products)
Capital Structure :
Authorized Capital : Rp. 500,000,000.-
Issued Capital : Rp. 300,000,000.-
Paid up Capital : Rp. 300,000,000.-
Shareholders/Owners :
a. Mr. Lie Po Fung
Jaya -
Rp. 299,500,000.-
Address : Jl. Moti Dalam II No. 40, RT. 009 RW. 005
Kel. Cideng, Kec. Gambir,
Jakarta Pusat
Indonesia
b. Mr. Liong Nata
Wiguna -
Rp. 500,000.-
Address : Jembatan II Block B/54, RT. 010
RW. 002
Kel. Pejagalan, Kec. Penjaringan
Jakarta Utara
Indonesia
Lines of Business :
Trading and Distribution of Fresh Fruits
Production Capacity :
None
Total Investment :
None
Started Operation :
1993
Brand Name :
Mulia Raya Agrijaya
Technical Assistance :
None
Number of Employee :
20 persons
Marketing Area :
Local - 100%
Main Customers :
a. Carrefour Hypermarket
b. Hero Supermarket, Gelael Supermarket, Alfa Supermarket and
c. Fresh Fruit Shops in Jakarta, Surabaya, Makassar and Bali
d. Others
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AYU LESTARI JAYA
b. P.T. INTI
SEHAT SENTOSA
c. P.T.
MEKAR CITRA ABADI
d. P.T.
PINCURAN MAS BINA USAHA
e. Etc.
Business Trend :
Growing
B a n k
e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Asemka Raya No. 27-30
Jakarta
Barat
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Jalan Raya Jembatan II No. 82
Jakarta Barat
Indonesia
Auditor
:
Internal
Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 24.2 billion
2011 – Rp. 25.7 billion
2012 – Rp. 26.6 billion
Net Profit (estimated) :
2010 – Rp. 1.6 billion
2011 – Rp. 1.8 billion
2012 – Rp. 2.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President
Director - Mr. Lie Po Fung Jaya
Director - Mr. Liong Nata Wiguna
Board of
Commissioners :
Commissioner - Mrs. Lay Janny
Signatories
:
President
Director (Mr. Lie Po Fung Jaya) or the Director (Mr. Liong Nata Wiguna) which
must be approved by Board of Commissioner
Management
Capability :
Satisfactory
Business
Morality :
Satisfactory
Credit
Risk :
Average
Credit
Recommendation :
Credit
should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Originally the company named P.T. SURYAMULIA ADIBUANA it was established in June 1993 with the authorized capital of Rp. 60,000,000 of which Rp. 12,000,000 was issued and paid up. The founding shareholders are Mr. Thio Sen Liong AKA Liong Nata Wiguna, Mr. Lie Po Fung AKA Lie Po Jaya and Mr. Ardian Hadimulia, all are Indonesian businessmen of Chinese extraction. The articles of association of the company have frequently been revised. In October 1997, the company renamed to P.T. MULIA RAYA AGRIJAYA (P.T. MRA). At the same time, the company took over whole assets and liabilities of its sister company P.D. MULIA RAYA. The issued and paid up capital of the company were increased to Rp. 15,000,000 and concurrently Mr. Ardian Hadimulia withdrew as shareholder. With this time the composition of its shareholders has been changed to become Mr. Lie Po Fung AKA Lie Po Jaya (96.67%) and Mr. Liong Nata Wiguna AKA Thio Sen Liong (3.33%). The deed of amendment was approved by the Ministry of Law and Human Rights in its decision letter No. C2-4054 HT.01.04.TH.98 dated April 22, 1998. The latest in May 2008 the authorized capital was raised to Rp. 500,000,000 issued capital to Rp. 300,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become Mr. Lie Po Fung AKA Lie Po Jaya (99.83%) and Mr. Thio Sen Liong AKA Liong Nata Wiguna (0.17%). The latest revision of notary documents was made by Mrs. Hartanti Kuntoro, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-44687.AH.01.02.TH.2008 dated July 25, 2008.
We notice that one of P.T. MRA's shareholders namely Mr. Lie Po Fung is founder is the majority business stake owner of of P.T. ANEKAMULIA TATASEMPURNA dealing with distribution of soft drink and P.T. INDOMARU LESTARI dealing with trading and distribution of processed foods.
Basically, P.T. MRA operation is to continue the operation of P.T. SURYAMULIA ADIBUANA started up in 1993 and P.D. MULIA RAYA started up in 1989, in fruit trading and distribution. The type of fruits sold by P.T. MRA are including oranges, apples, grapes, pears, cherry, durians, longans and others totally imported from Thailand, France, Australia, Taiwan, New Zealand and others. The above fruits are sold to various supermarkets, fruit stores in the country. Until the end of 1997 the company operated two branch offices and two warehouses in Bandung, West Java and Surabaya, East Java but as from mid 1998, discontinued as the impact of economic crisis striking Indonesia in 1997. In 1997, P.T. MRA operated 12 units of trucks for transportation merchandising goods to various regions and 16 units of cold storage for storage merchandising goods. At present the company operates with 8 trucks and 6 cold storages as the impact of global economic crisis as told above occurred in October 2008. Sharp Rupiah depreciation against hard foreign currencies including US$, Yen and other caused the prices of imported goods to soar and people purchasing power to drop. However, the operation of P.T. MRA has been running smoothly in line with the publics’ increasing purchasing power.
We note that generally the domestic demand for fresh fruits has been rising by about 8% - 10% per year in the last five years in line with the growing population and increasing income of part of the population in the country. The demand is projected to go on rising each year in the next five years. Meanwhile, competition is quite heavy in the fruit trade with many companies now doing business in this field in Indonesia. We consider P.T. MRA to be in a quite favorable position for having already got hold of a steady clientele in the country.
Until this time P.T. MRA has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. MRA is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2010 amounted to Rp. 24.2 billion rose to Rp. 25.7 billion in 2011 increased to Rp. 26.6 billion in 2012 and projected to go on rising by least 4% in 2013 due to the sharp Rupiah depreciation to foreign currencies since August 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 2.0 billion and the company has an estimated total net worth of at least Rp. 6.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. MRA is led by Mr. Lie Po Fung AKA Lie Po Jaya (49) a businessman and professional manager with experience in trading, import and distribution of fresh fruits. Daily operation he is assisted by Mr. Thio Sen Liong AKA Liong Nata Wiguna (45) as director. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. MULIA RAYA AGRIJAYA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.79 |
|
|
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.